Far Eastern Department Stores Ltd (2903) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Far Eastern Department Stores Ltd TWD 22.54, price TWD 22.10, upside +2.0%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 17.07 TWD – 35.70 TWD · fair‑value band 16.91 TWD – 28.65 TWD · the 22.10 TWD price screens below the 22.54 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Far Eastern Department Stores, Ltd., together with its subsidiaries, operates department stores and supermarkets in Taiwan.
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Far Eastern Department Stores, Ltd., together with its subsidiaries, operates department stores and supermarkets in Taiwan. The company offers various products, including general merchandise, silk nylon, cotton cloths, candies cookies, cans, entertainment appliances, hardware, furniture, decorations, handmade products, stationery, library appliances, CD/DVD, camera appliances, children toys, shoe/hat/raining garments, medical equipment, cigarette/wine, rice/corn, salt, beverage, clocks/watches/glasses/cameras and maintenances, and electronic business and maintenance. It also engages in children's entertainment playground/facility business; restaurants; food courts; beverage stores; film developer shops; advertisement and gourmet grocery market; fresh food business; frozen vegetables; frozen meat/fish; dry foods; flavoring sources; storage; vendor machines and measurement devices; gold and jewelry; and tape recorder, radar CD player, and sale of film tape and CD/DVD. In addition, the company is involved in the dealer business of vehicles and vehicles parts; vehicles repair; operation and management of parking lot; gas station; art gallery; wire and wireless telecom appliances; hair salon and beauty services; stores in international and general tourist hotels; computer and telecom instrument/services; photo shoot; festivities; leisure and entertaining activities; and import of tobacco and liquor. Far Eastern Department Stores, Ltd. was incorporated in 1967 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Far Eastern Department Stores Ltd (2903) currently trades at 22.10 TWD, while our model-based Fair Value estimate is 22.54 TWD, implying the stock looks roughly 2.0% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 46.84 TWD per share, and 19 of the 24 models we run sit above the 22.10 TWD price.
Bear case: the Dividend Discount group reads lowest at 13.63 TWD, and 5 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 16.91 TWD (bear) to 28.65 TWD (bull), the price of 22.10 TWD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 44/100 (below-average quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Far Eastern Department Stores Ltd reported revenue of 34.1B TWD in FY2025 versus 35.3B TWD in FY2021, a compound −0.9%/yr. Reported net income was 2.2B TWD in FY2025, compounding +16.1%/yr from FY2021.
Key figures
Market cap 36.4B TWD (≈ $1.1B) · P/E ratio 14.2 · P/S ratio 0.91 · EPS (TTM) 1.56 TWD · Dividend yield 5.7% · Net margin 6.5% · Return on equity 7.0% · Return on assets (EBIT) 3.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 2%, 2903 screens cheaper than that median.
Fair Value models
Bear 16.91 TWDFair Value 22.54 TWDBull 28.65 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.2268 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.38/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−2.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.8%
Start year 2020 (pandemic). Over 10 years: −2.7% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.2%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+6.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.1%
Dividend (yield on the price)5.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1% vs 2%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 12%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.5%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−11.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −12.4% a year for the price.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Department Stores · 116 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score44 · Bottom 25%
Fair Value upside+1% · Below median
Profitability
Return on equity (TTM)7% · Above median
Return on assets2% · Below median
Net margin (TTM)7% · Top 25%
Operating margin (TTM)15% · Top 25%
Growth and dividend
Revenue growth0% · Above median
Dividend yield (TTM)5.7% · Top 25%
Balance sheet
Debt / equity0.47× · Highest 25%
Valuation Multiplesvs Department Stores median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Far Eastern Department Stores Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2903
Frequently asked questions
Is Far Eastern Department Stores Ltd (2903) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 22.54 TWD versus a price of 22.10 TWD, about +2% upside (fairly valued).
What is the fair value of 2903?
Our model-based fair value for Far Eastern Department Stores Ltd is 22.54 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 22.10 TWD.
What is the quality score of 2903?
Far Eastern Department Stores Ltd has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Far Eastern Department Stores Ltd (2903)?
Our model-based price target is the fair value of 22.54 TWD (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 16.91 TWD, optimistic scenario 28.65 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Far Eastern Department Stores Ltd stock forecast for 2026?
Our models put fair value at 22.54 TWD, about +2% upside versus a price of 22.10 TWD (fairly valued). Cautious scenario 16.91 TWD, optimistic scenario 28.65 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Far Eastern Department Stores Ltd (2903)?
Far Eastern Department Stores Ltd reported trailing-twelve-month revenue of about 34.0B TWD (latest available figure, as of Sep 23, 2026).
Does Far Eastern Department Stores Ltd pay a dividend?
Far Eastern Department Stores Ltd currently shows a dividend yield of about 5.66% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Far Eastern Department Stores Ltd (2903)?
For today's price to be fair in a discounted-cash-flow model, Far Eastern Department Stores Ltd would have to grow free cash flow by -11.1 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 2903 use?
Our models discount Far Eastern Department Stores Ltd at 8.6 %: a base by market capitalisation (large), damped by beta 0.04, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Far Eastern Department Stores Ltd that is -11.1 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Far Eastern Department Stores Ltd (2903) delivered so far?
Over the past 5 years revenue at Far Eastern Department Stores Ltd grew -1.8 % a year. The price currently implies -11.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Far Eastern Department Stores Ltd (2903) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Far Eastern Department Stores Ltd (-11.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Far Eastern Department Stores Ltd (2903)?
The free-cash-flow yield on the price is 15.56 %: that much free cash flow Far Eastern Department Stores Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Far Eastern Department Stores Ltd (2903)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Far Eastern Department Stores Ltd it is 22.54 TWD per share (as of Sep 23, 2026), against a price of 22.10 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Far Eastern Department Stores Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2903 trades below its calculated fair value: price 22.10 TWD, fair value 22.54 TWD, a gap of about +2% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2903?
No. The price is what the market pays today (22.10 TWD); the fair value is what the company's own numbers justify (22.54 TWD). For Far Eastern Department Stores Ltd the two are 0.4420 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Far Eastern Department Stores Ltd worth?
The market values Far Eastern Department Stores Ltd at about 36.4B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 22.10 TWD; our models calculate a fair value of 22.54 TWD per share.
What do the bullish and bearish scenarios say about 2903?
Our models span a range for Far Eastern Department Stores Ltd: cautious scenario 16.91 TWD, base 22.54 TWD, optimistic 28.65 TWD per share (as of Sep 23, 2026, price 22.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2903?
Far Eastern Department Stores Ltd trades at a price-to-earnings ratio of 14.2 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 22.54 TWD is built from several models across several years. Other multiples: PEG 0.7, P/B 1.2, P/S 1.1, EV/EBITDA 5.8.
What is the PEG ratio of 2903?
The PEG ratio of Far Eastern Department Stores Ltd is 0.71 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Far Eastern Department Stores Ltd (2903)?
Balance-sheet figures for Far Eastern Department Stores Ltd (as of Sep 23, 2026): return on equity 7.0%, debt of 0.47 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is 2903 from its 52-week high?
Far Eastern Department Stores Ltd trades at 22.10 TWD, about 9% below its 52-week high of 24.40 TWD and 4% above the low of 21.30 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 22.54 TWD is for.
Which stocks are comparable to Far Eastern Department Stores Ltd?
From the same area (Consumer Cyclical) we also value Falabella S.A, Dillard's, Inc, 99 Speed Mart Retail Holdings, Cencosud S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Far Eastern Department Stores Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price 22.10 TWD, calculated fair value 22.54 TWD (+2%), Quality Score 44/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2903 calculated?
We run Far Eastern Department Stores Ltd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 22.54 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Far Eastern Department Stores Ltd currently trades 2 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Far Eastern Department Stores Ltd (2903)?
The closing price on Sep 24, 2026 was 22.10 TWD. Our model-based fair value is 22.54 TWD, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Far Eastern Department Stores Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Far Eastern Department Stores Ltd (2903) come from?
Earnings per share at Far Eastern Department Stores Ltd grew +5.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.1 %, EBIT margin +7.1 %, tax rate +2.2 %, residual (interest, one-offs) −0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Far Eastern Department Stores Ltd
How large is the market capitalisation of Far Eastern Department Stores Ltd (2903)?
The market capitalisation of Far Eastern Department Stores Ltd is 36.4B TWD (≈ $1.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Far Eastern Department Stores Ltd (2903)?
The price-to-sales ratio of Far Eastern Department Stores Ltd is 0.91 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Far Eastern Department Stores Ltd (2903)?
Earnings per share at Far Eastern Department Stores Ltd are 1.56 TWD (price ÷ EPS = P/E 14.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Far Eastern Department Stores Ltd (2903)?
The dividend yield of Far Eastern Department Stores Ltd is 5.7% (payout 80.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Far Eastern Department Stores Ltd (2903)?
The net margin of Far Eastern Department Stores Ltd is 6.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Far Eastern Department Stores Ltd (2903)?
The return on equity (ROE) of Far Eastern Department Stores Ltd is 7.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Far Eastern Department Stores Ltd (2903)?
On an EBIT basis the return on assets of Far Eastern Department Stores Ltd is 3.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Far Eastern Department Stores Ltd (2903)?
The operating margin of Far Eastern Department Stores Ltd is 14.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Far Eastern Department Stores Ltd (2903)?
Revenue at Far Eastern Department Stores Ltd is growing −0.3% versus a year earlier (3y avg −1.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Far Eastern Department Stores Ltd (2903)?
Earnings per share at Far Eastern Department Stores Ltd are growing +16.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Far Eastern Department Stores Ltd (2903) carry?
The net debt of Far Eastern Department Stores Ltd is 54.2B TWD (fiscal year 2025, ≈ 9.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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